{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T12:51:11Z","timestamp":1791982271390,"version":"4.4.0"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2026,1,1]],"date-time":"2026-01-01T00:00:00Z","timestamp":1767225600000},"content-version":"unspecified","delay-in-days":0,"URL":"https:\/\/www.uspto.gov\/ip-policy\/copyright-policy\/copyright-basics"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Do households that plan far ahead buy a few stocks and hold them, or trade less? We model an investor who chooses how many stocks to hold and how often to trade them, with the planning horizon raising the value of diversification and a limited attention budget governing trading. Using the Survey of Consumer Finances from 1989 to 2025, we find that long-horizon investors hold broader portfolios-more stocks, fewer single-stock positions, and more funds-but do not trade any position more intensively. The planning horizon affects trading only through portfolio breadth. Total trades rise with the number of stocks with an elasticity of 0.38, rejecting the view that investors treat each stock as a separate account. The model's cross-equation restrictions hold: the horizon effect on trading equals the breadth effect scaled by this elasticity. Long horizons make portfolios broader, not busier.<\/jats:p>","DOI":"10.2139\/ssrn.7608559","type":"posted-content","created":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T12:17:22Z","timestamp":1791980242000},"source":"Crossref","is-referenced-by-count":0,"title":["Broader, Not Busier: Planning Horizons, Portfolio Breadth, and Household Trading"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0350-1244","authenticated-orcid":true,"given":"Yosef","family":"Bonaparte","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,10,14]],"date-time":"2026-10-14T12:17:22Z","timestamp":1791980242000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=7608559"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.7608559","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}